消费型公共不动产空间溢出效应的资本化研究  

A Study on the Capitalization of Spatial Spillover Effects in Consumption-Oriented Public Real Estate

作　　者：王志锋[1] 王优容 蔡宏宇 Wang Zhifeng;Wang Yourong;Cai Hongyu

机构地区：[1]中央财经大学管理科学与工程学院党委 [2]中央财经大学管理科学与工程学院城市与房地产管理系

出　　处：《城市观察》2025年第2期77-88,161,162,共14页Urban Insight

基　　金：国家社会科学基金项目“新发展阶段下以人为本推进城乡融合发展研究”(22BJL081)成果。

摘　　要：公共不动产是城市不动产的重要类型之一,在促进社会经济发展、提升城市治理效能和市民福利水平等方面发挥重要作用。公共不动产的内涵外延、经济社会效益以及其更新改造的效应受到越来越多学者和政府部门的关注。本文聚焦消费型公共不动产,在理论分析基础上,以北京市8个典型项目的更新改造为研究对象,通过揭示其对周边住房价格的溢出效应论证资本化效应及效应大小。实证研究发现:(1)消费型公共不动产的更新改造对周边房地产市场具有显著的空间溢出效应,表明消费型公共不动产存在资本化效应。(2)住房交易价格对完成更新改造的消费型公共不动产的距离弹性是-0.0212,与消费型公共不动产项目的距离下降1%,住房交易价格上升超过0.02%。Public real estate is a critical component of urban property systems,playing a significant role in driving socio-economic development,optimizing urban governance,and enhancing civic welfare.The conceptual dimensions,socio-economic value creation mechanisms,and the market impacts of the renewal of these assets have attracted increasing attention from both academic and policy-making communities.This study focuses on consumption-oriented public real estate and empirically investigates eight representative urban renewal projects in Beijing to explore their spatial spillover effects on surrounding housing prices.The key findings demonstrate:(1)Urban renewal interventions targeting consumption-oriented public real estate generate significant capitalization effects,with measurable spatial spillovers extending to surrounding residential properties;(2)Distance elasticity analysis reveals a coefficient of-0.0212,indicating that each 1%decrease in distance from the renovated facilities corresponds to a 0.02%premium in housing transaction prices.

关 键 词：公共不动产 消费型 资本化效应 住房价格 城市空间 

分 类 号：F293.3[经济管理—国民经济]